[amp_mcq option1=”Cash budget” option2=”Master budget” option3=”Budget for the key factor” option4=”Flexible budget” correct=”option1″]
Costing
2. Labour turnover means:
[amp_mcq option1=”Turnover generated by labour” option2=”Rate of change in composition of labour force during a specified period” option3=”Either of the above” option4=”Both of the above” correct=”option4″]
3. Contract costing is most appropriate method of costing for ________.
[amp_mcq option1=”construction industry” option2=”banking industry” option3=”textile mills” option4=”cement industry” correct=”option1″]
Detailed SolutionContract costing is most appropriate method of costing for ________.
4. Economic Batch Quantity is an important point to be determined in industries where . . . . . . . . costing is employed.
[amp_mcq option1=”job” option2=”batch” option3=”operation” option4=”output” correct=”option2″]
5. An average inventory in units is multiplied with annual relevant carrying cost of each unit to calculate
[amp_mcq option1=”annual irrelevant ordering costs” option2=”annual relevant carrying costs” option3=”annual relevant ordering costs” option4=”annual irrelevant carrying costs” correct=”option2″]
6. In income statement of merchandising costs, period cost includes all costs which are not related to
[amp_mcq option1=”cost of resale goods” option2=”cost of manufacturing goods” option3=”timed resale of goods” option4=”cost of purchased goods” correct=”option1″]
7. A manager who is responsible for only cost of company belongs to
[amp_mcq option1=”cost center” option2=”revenue center” option3=”profit center” option4=”investment center” correct=”option1″]
Detailed SolutionA manager who is responsible for only cost of company belongs to
8. The process of grouping of costs according to some common characteristics ________.
[amp_mcq option1=”absorption” option2=”primary distribution” option3=”secondary distribution” option4=”classification” correct=”option4″]
Detailed SolutionThe process of grouping of costs according to some common characteristics ________.
9. . . . . . . . . is the oldest branch of accounting.
[amp_mcq option1=”Financial accounting” option2=”Cost accounting” option3=”Management accounting” option4=”None of these” correct=”option1″]
Detailed Solution. . . . . . . . is the oldest branch of accounting.
10. Material abstract is also known as . . . . . . . .
[amp_mcq option1=”material issue analysis sheet” option2=”bill of materials” option3=”stores ledger” option4=”None of the above” correct=”option4″]
Detailed SolutionMaterial abstract is also known as . . . . . . . .